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Pfizer tabled a “final” £55-a-share offer for AstraZeneca last night, but
warned that it would walk away from the mooted £69 billion takeover if its
British rival refused to engage.

The American drugs giant urged AstraZeneca’s shareholders to put
pressure on the board to engage as it raised the level of its offer and
increased the cash element from 33 per cent to 45 per cent.

“Pfizer calls on supportive AstraZeneca shareholders to urge the board to
begin substantive engagement,” it said. “Pfizer will not make a hostile offer
directly to AstraZeneca shareholders and will only proceed . . . with the
recommendation of the AstraZeneca